Ethereum hits 8-month high as strong demand continues

Ethereum rose by more than 7% on spot trading today, to continue its strong gains for the fourth consecutive day, recording the highest level in eight months, as strong investment demand continued for the world's second largest cryptocurrency.

On Bitstamp Stock Exchange, by 07:02 GMT, Ethereum is trading around $266.90, up by $18.42, or 7.4%, from the opening of $248.48, with the highest since September 5th, at $274.15, and the lowest at $217.29.

Ethereum gained 14.25% yesterday, its second consecutive daily gain, as the South Korean technology giant, Samsung, allowed payments using Ethereum.

The market value of cryptocurrencies rose to a total of $ 264 billion, the highest level since August 2018., with the rising of most of the major cryptocurrencies in the market led by the Ethereum.

Ethereum market share of crypto trading rose since Monday from 9% to 11.0%, the highest level since last February, as strong investment demand continued for the world's second largest cryptocurrency.

the South Korean technology giant, Samsung, adopted payments using Ethereum.

Samsung has received a lot of interest from the crypto supporters over the past few months, especially after its launch of a cryptocurrency portfolio on the Galaxy S10 smartphone.

The wallet allows the storing of cryptocurrencies with public and private keys. Although the pre-release images of the wallet showed Bitcoin logo, but the portfolio currently supports Ethereum codes only, while it's expected for it to support Bitcoin at some point in the future.

On the other hand, the latest research in the crypto market showed that just over 376 people own about 33% of the world's Ethereum units, many of these are crypto-whales and founders, and they keep their assets in their own wallets and not in the exchange markets.